PLATO will begin observing stars in its Southern Field (LOPS2) after its launch in late 2026. By this time, TESS will have observed the stars in LOPS2 for at least four years. We find that by 2025, on average each star in the PLATO field will have been monitored for 330 days by TESS, with a subset of stars in the TESS continuous viewing zone having over 1000 days of monitoring. There are currently 101 known transiting exoplanets in the LOPS2 field, with 36 of these residing in multiplanet systems. The LOPS2 field also contains more than 500 TESS planet candidate systems, 64 exoplanets discovered by radial velocity only, over 1000 bright (V<13) eclipsing binary systems, 7 transiting brown dwarf systems, and 2 bright white dwarfs (G<13). We calculate TESS and PLATO sensitivities to detecting transits for the bright FGK stars that make up the PLATO LOPS2 P1 sample. We find that TESS should have discovered almost all transiting giant planets out to approximately 30 d within the LOPS2 field, and out to approximately 100 d for the regions of the LOPS2 field within the TESS CVZ (∼20 per cent of the LOPS2 field). However, we find that for smaller radius planets in the range 1 – 4 R⊕ PLATO will have significantly better sensitivity, and these are likely to make up the bulk of new PLATO discoveries.